JAMES FUNDS
N-8A, 1997-10-06
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                       SECURITIES AND EXCHANGE COMMISSION
                              WASHINGTON D.C. 20549

                                    FORM N-8A

                          NOTIFICATION OF REGISTRATION
                     FILED PURSUANT TO SECTION 8 (a) OF THE
                         INVESTMENT COMPANY ACT OF 1940

         The undersigned  investment  company hereby notifies the Securities and
Exchange  Commission  that it registers  under and pursuant to the provisions of
Section 8(a) of the Investment  Company Act of 1940 and in connection  with such
notification of registration submits the following information:

NAME:             The James Advantage Funds

ADDRESS OF PRINCIPAL BUSINESS OFFICE:

                           1349 Fairground Road
                           Beavercreek, Ohio  45385
TELEPHONE NUMBER:

                           937-426-7640

NAME AND ADDRESS OF AGENT FOR SERVICE OF PROCESS:

                           Barry Ray James
                           1349 Fairground Road
                           Beavercreek, Ohio  45385

CHECK APPROPRIATE BOX:

         Registrant is filing a Registration  Statement pursuant to Section 8(b)
of the Investment Company Act of 1940 concurrently with the filing of Form N-8A:

                  /X/  Yes                         / /  No

                                   SIGNATURES
                                   ----------

         Pursuant to the requirements of the Investment Company Act of 1940, the
Registrant has caused this notification of registration to be duly signed on its
behalf in the City of  Beavercreek  and  State of Ohio on the 2 day of  October,
1997.

ATTEST: THE JAMES ADVANTAGE FUNDS

/s/ Thomas L. Mangen                   By: /s/ Barry Ray James
    -------------------------              ---------------------------------
                                           Barry Ray James, Trustee




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